Building a short-term rental business is surprisingly simple. You buy a property, furnish it, then throw up some pictures of it onto booking sites like Airbnb and VRBO. After a few weeks, a booking comes in, and from there you’re in the game! This is all great until a poor review comes in, sending your listing to the bottom of the pile and your profit with it. Through no fault of your own, your income stream just got cut off, and now you have a mortgage to pay without a calendar full of bookings.
For many hosts, this type of scenario seems like game over for investing. But for Mark Simpson, it’s the start of something even better. Mark grew up in hospitality, marketing his family’s bed and breakfast nestled in the British countryside. His family was frantically cleaning, cooking, and booking with spreadsheets and no system to streamline their business. This ongoing problem led Mark to build Boostly, the software allowing hosts to take their bookings into their own hands.
Mark has helped numerous short-term rentals bring in millions in direct bookings, helping hosts and guests minimize the amount spent on fees while maximizing their experience. So how do vacation rental hosts start doing direct bookings? What benefits come from leaving the big booking sites behind? And how can hosts regain autonomy so their business is never forced to stop? Mark answers these questions and more in today’s episode!
In This Episode We Cover
Direct booking sites explained and why they’re starting to rival online travel agencies
How bad reviews and unfair algorithm updates can destroy your listing overnight
Converting guests from the big sites into direct bookings effortlessly
Building a direct booking brand so your short-term rentals become more than just another vacation property
Why online travel agencies may start charging hosts to get higher rankings
Pricing tools, online accreditation, and other things direct booking hosts need to survive
And So Much More!
Links from the Show
Find an Investor-Friendly Real Estate Agent
Real Estate Rookie Facebook Group
Boostly’s Property Management Software List
Airbnb
Vrbo
Booking.com
Expedia Group
Tripadvisor
Hospitable
Hostaway
Hostfully
Guesty For Host
Uplisting
YourPorter
OwnerRez
Stripe
I-PRAC
AirCover
Superhog
AutoCamp
Why Hosts Are Backing Away from Travel Sites and Building Direct Bookings
Double Your Cash Flow Overnight (In ANY Market) with Medium-Term Rentals
How Airbnb designs for trust | Joe Gebbia
PriceLabs
AirDNA
Wheelhouse Pricing
Beyond Pricing
Stayfi
MailChimp
Korona POS
Connect with Mark:
Mark's Instagram
Mark's Website
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-243
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Real Estate Rookie